Reliance Industries shares jump 11.6 per cent on strong Q2 earnings
The stock recorded its biggest single-day gain in over six years following better-than-expected September-quarter results.
Reliance Industries shares rose 11.6 per cent on Monday to reach ₹1,299, marking the company's largest single-day increase in six-and-a-half years. According to The Economic Times, the rally added ₹1.83 lakh crore to the market value of India's largest company by market value, bringing its total to ₹17.57 lakh crore.
The company reported strong 2QFY27 results, supported by the performance of its O2C business and the recently listed Jio Platforms business, said Sunny Agrawal, head of fundamental research at SBI Securities. Agrawal noted that the stock was trading at reasonable valuations and may have attracted institutional buying or short covering.
LKP Securities technical analyst Vatsal Bhuva said the company has seen a breakout from its recent consolidation phase with significant volumes. Bhuva suggested the stock might target its former swing high between ₹1,320 and ₹1,330, noting that a breakout above that range would confirm a trend reversal.
Brokerage Jefferies maintained a buy rating for the stock with a price target of ₹1,710 for September 2028. The firm stated the stock had traded 2 standard deviation below its long-term average EV/Ebitda, suggesting maximum pessimism.
Agrawal recommended the stock for medium- to long-term perspectives, citing attractive valuations and strong operating performance.